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MARKETS / NYSE / ZTS
NYSE · PHARMACEUTICAL PREPARATIONS · LARGE CAP

Zoetis Inc. ZTS

15 fiscal years on record · USD · FY2025 reported · SEC filings only
12 YEARS OF DIVIDEND GROWTH
$9.5B
▲ 2.3% YoY
$2.7B
▲ 7.5% YoY
$2.3B
▼ 0.7% YoY
In brief

What this company does

Zoetis Inc. discovers, develops, manufactures and commercializes medicines, vaccines, diagnostic products and services, biodevices, genetic tests and precision animal health products, commercializing them across eight core species -- dogs, cats and horses, and cattle, swine, poultry, fish and sheep -- within seven major product categories, including parasiticides, vaccines, dermatology, anti-infectives, pain and sedation, other pharmaceutical products and animal health diagnostics. As of December 31, 2025, the company employed approximately 14,500 people worldwide, including approximately 6,800 in the United States and approximately 7,700 in other jurisdictions. Sales to Zoetis's largest customer, a U.S. veterinary distributor, accounted for approximately 16% of its total revenue in 2025. Zoetis organizes and operates its business in two segments: United States, which generated $5,097 million, or 54% of total revenue, in 2025; and International, which generated $4,254 million, or 45% of total revenue, in the same year. Its global manufacturing and supply chain relies on a network of more than 90 contract manufacturing organizations, both centrally managed and locally managed, as of December 31, 2025. The company was incorporated in Delaware in July 2012, prior to which it operated as a business unit of Pfizer Inc.

Written from the business description in Zoetis Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 12 February 2026. Every sentence was checked against that document before publication.

Growth
USD 9.5B
Revenue, FY2025 · full 15-year series below
Revenue $B Net income $B
FY2025 · Revenue 9.5 · Net income 2.7
4B8B20112013201520172019202120232025
Compound annual growth
+5.4%
+7.2%
+7.1%
+8.1%
+10.3%
+22.9%
+10.3%
+12.0%
+24.4%
+14.6%
+19.0%
+19.4%
+26.9%
+75.6%
+32.5%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +7.2% a year over five years — but profit grew faster: net income at +10.3%, earnings per share at +12.0%.

The share count fell from 0.48B to 0.42B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
28 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 35.5% · Net 28.2%
10%20%30%20112013201520172019202120232025
ROE
FY2025 · ROE 66.0%
20%40%60%20112013201520172019202120232025

Each USD of equity produced 66 cents of profit this year.

Cash & shareholders
USD 3.2B
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 2.3
0.8B1.6B20112013201520172019202120232025
Net buybacks $B Dividends $B
FY2025 · Dividends — · Net buybacks 3.2
2B2013201520172019202120232025

USD 3.2B in buybacks — 121% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 15.5B
EquityUSD 3.3B
CashUSD 2.3B
Gross debtUSD 9.0B
Net debtUSD 6.7B
Current ratio3.03×

Net debt stands at 202% of equity.

The 15-year record
15 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 202520242023202220212020201920182017201620152014201320122011
Revenue $B9.59.38.58.17.86.76.35.85.34.94.84.84.64.34.2
Operating income $B3.43.12.92.72.52.01.81.71.51.20.50.80.70.70.4
EBITDA $B3.83.63.43.12.92.42.22.01.81.50.71.00.90.90.6
Income tax $B0.70.60.60.50.50.40.30.30.70.40.20.20.20.30.1
Net income $B2.72.52.32.12.01.61.51.40.90.80.30.60.50.40.2
Free cash flow $B2.32.31.61.31.71.71.31.51.10.50.40.40.50.30.4
EPS, diluted $6.025.475.074.494.273.423.112.931.751.650.681.161.010.870.49
Dividend / sh $2.031.801.561.351.070.850.690.540.440.390.340.300.270.000.00
Payout %···············
ROE %66.050.949.947.349.050.661.372.253.164.328.551.820.310.8·
Shares out B0.420.450.460.460.470.480.480.480.490.490.500.500.50··

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 58 reconciliationsAUDITED

Reconciled in 15 of 19 fiscal years. 22 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityPharmaceutical Preparations
Listed onNYSE
Incorporated innot stated in the filings
Fiscal year endsDecember 31
Data on record since2011

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